IP Strategy for Expand<strong>in</strong>g Companies and Corporates censis.org.uk 36
<strong>Intellectual</strong> <strong>Property</strong> <strong>in</strong> Bus<strong>in</strong>ess: IP basics, IP management, IP strategy IP Strategy for Expand<strong>in</strong>g Companies and Corporates 16 IP strategy The purpose of this part of the <strong>paper</strong> is to explore the context for your IP strategy, namely your bus<strong>in</strong>ess strategy and strategic management of resources. However, before we move on to that <strong>in</strong>terplay, we should def<strong>in</strong>e what a strategy is, because this determ<strong>in</strong>es the overall th<strong>in</strong>k<strong>in</strong>g later on about an IP strategy. Bigger picture Strategy is generally understood as a roadmap on how to achieve long-term goals. 58 It is about understand<strong>in</strong>g, and thriv<strong>in</strong>g from, the advantage(s) of the bus<strong>in</strong>ess, not its weaknesses. Strategy development <strong>in</strong>cludes def<strong>in</strong><strong>in</strong>g challenges, sett<strong>in</strong>g objectives and priorities, def<strong>in</strong><strong>in</strong>g pr<strong>in</strong>ciples and policies, and determ<strong>in</strong><strong>in</strong>g actions to achieve the goals and to manage resources. Richard Rumelt views strategy as a design where various elements must be arranged, adjusted and coord<strong>in</strong>ated to achieve ‘a powerful competitive punch or problemsolv<strong>in</strong>g effect’. 59 Michael D. Watk<strong>in</strong>s expla<strong>in</strong>s bus<strong>in</strong>ess strategy <strong>in</strong> the follow<strong>in</strong>g way: A bus<strong>in</strong>ess strategy is a set of guid<strong>in</strong>g pr<strong>in</strong>ciples that, when communicated and adopted <strong>in</strong> the organization, generates a desired pattern of decision mak<strong>in</strong>g. A strategy is therefore about how people throughout the organization should make decisions and allocate resources <strong>in</strong> order accomplish key objectives. A good strategy provides a clear roadmap, consist<strong>in</strong>g of a set of guid<strong>in</strong>g pr<strong>in</strong>ciples or rules, that def<strong>in</strong>es the actions people <strong>in</strong> the bus<strong>in</strong>ess should take (and not take) and the th<strong>in</strong>gs they should prioritize (and not prioritize) to achieve desired goals. 60 He also expla<strong>in</strong>s that a strategy, <strong>in</strong> a simplified way, answers the question ‘how?’ and is aligned with other elements of strategic direction that the company leadership must decide on. 58 Many titles are available on the market, some good recommendations can be found, e.g., Lena Haydt, ‘8 Must-Read Books on Bus<strong>in</strong>ess Strategy’ (PM Library, 8 July 2020) accessed 2 December 2022. 59 Richard Rumelt, Good Strategy/Bad Strategy : The difference and why it matters (Profile Books, 2011) 4 60 Michael D. Watk<strong>in</strong>s, ‘Demystify<strong>in</strong>g Strategy: The What, Who, How, and Why’ (Harvard Bus<strong>in</strong>ess review, 10 September 2007) accessed 2 December 2022 37